Activity

[...] Jared Diamond's Guns, Germs and Steel (1997) argues that the relation to nature is what counts, thus transforming human evolution into a tale of environmental determinism. Africa is poor for environmental reasons, not, he says, because of racial inferiorities or (what he does not say) becau…

[...] capitalists, as we earlier saw, have a choice as to what they reinvest in: they can reinvest in the expansion of production or they can use their wealth to buy up assets, such as stocks and shares, property, art objects or shares in some speculative enterprise such as a private equity company…

[...] What is called a crisis of 'under-consumption' results when there is not enough effective demand to absorb the commodities produced.

Workers spending their wages is one source of effective demand. But the total wage bill is always less than the total capital in circulation (otherwise there…